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MANAGEMENT OF COMMERCIAL PROPERTIES IN NIGERIA (A CASE STUDY OF OWERRI NORTH IMO STATE)

CHAPTER ONE

INTRODUCTION

The dramatic reduction in number of commercial properties in Nigeria is a reflection of the level of decline which the nation has one through. The demise of same commercial properties in Nigeria did not discourage further investment in the development of commercial properties in Nigerian. Obviously the “big” names served the need of the whole of Awka metropolis when few investors considered the development of commercial properties (shopping complexes) as a worthwhile problem and the idea of a Central Business District was accorded a high respect. Recently the management is not an easy idea to conceive for real estate especially with such development  are in use by  the  owners. The lack of trained professional in handle the management of commercial properties constitutes the first major obstacle to management of commercial properties with in general. Basically maintenance is a vital aspects of property management this aspect guarantees the physical life span of a property in order that a property may last for ages ad does not  become economically obsolete, it must be maintained.

1.1       STATEMENT OF THE PROBLEMS

Lack of proper maintenance has gone way to effect the image of some commercial properties many commercial properties failed due to ineffective handing of the properties which manifests in the physical deterioration. When non-professional are entrusted with the task of property management, failure is easily result. In many instance policy or decision makers, have neglected the role of professional property manager. In the management of commercial properties. What is the correct solution? Who can provide the answer?

1.2   AIM AND OBJECTIVES

This study aims at achieving or deriving a satisfactory way of management of commercial properties and party contributes to the management of the economic resources in Nigerian. The objectives of the project are:

(i)  To determine ways and means of enhancing to economic returns of a commercial properties?

(ii) To measure performance with benefit and thus guide future design, development and decision.

(iii) To review the problems normally associated with the management of commercial properties, review design methodology and suggest ways and means of improving the existing method of management.

(iv) To develop an efficient means in management of commercial properties so as to ensure maximum utilization and long life at minimum cost.

1.3   RESEARCH QUESTIONS

To throw more light on the topic at state, the researcher took the pains to arrange so me questions based on the assumptions earlier on put forward about the problem this is hoped, will help the researcher to get the solution to the problems, which is the failure of the  existing method of  management.

The following research questions will accommodate that:

(i)  It  is there any benefits derived from the management of commercial properties?

(ii) Is commercial properties effectively managed?

(iii)  Does performance and benefits, guide, future decision making in the management of commercial properties?

(iv)  What are the ways and means of ensuring undisrupted flow of economic returns from a commercial properties?

(v)  Does the involvement of the management in place effect the productivity of the commercial properties?

1.4  SIGNIFICANCE OF THE STUDY

This section of chapter one of a research project states those whom the study will have impacts on and those that will benefit from the study. It will be significant to the researchers and those associated with the project such as the occupant of the area the customers the entire public etc. Finally the research work will serve as on additional to the existing literature in the area to managing and maintaining commercial properties, besides serving as reference for future researchers on the field.

1.5  DELIMITATION OF STUDY

The study is on the management of commercial properties in Nigeria, with particular emphasis on BUSNIKE shop, Akwa this shows that the project will be restricted to the area, to enable the researcher has enough time for the project.

1.7   DEFINITION OF TERMS

1.7.1    MANAGEMENT

The science of organization and operation or at practical, level the art of directing and controlling affairs.

1.7.2    COMMERCIAL

These occurs mainly inform of market shop office building, supermarket bank building, hotel, trade centre and petrol, filling station in commercial cities.

1.7.3    PROPERTY

This defined as the highest right a man can have to any thing, property can be classified into two land and immovable good which a man owns a re know as corporeal property while incorporeal are those right which a man has over that property. This is arranged in five(5) chapters the first chapter generally introduce the topic of the study while, the second chapter reviews into many other literature  in the area of study, which has been written in the past. These areas include definition of management maintenance and management strategy. Third chapter introduces the data collection method instruments, analysis and procedure while fourth chapter is the data presentation and analysis. Fifth chapter includes conclusion and recommendation of the problem of strategies for management of commercial properties.